Pursuant to the Agreement, Jinko Middle East, RELC and VI agree to form a joint venture in Saudi Arabia with Jinko Middle East, RELC and VI holding 40%, 40% and 20% equity interest, respectively. The formation of the joint venture is subject to customary preconditions, including obtaining the requisite regulatory approvals.
The joint venture will build and operate a high-efficiency solar cell and solar module manufacturing facility in Saudi Arabia. The manufacturing facility is expected to have a total investment amount of approximately US$1 billion, and will be funded through a combination of its internal funds and external financing.